LAKESIDE STEEL ANNOUNCES REMOVAL OF ALL PCB WASTE FROM THE WELLAND SITE

WELLAND, ON, Jan. 31 /CNW/ -- 
WELLAND, ON, Jan. 31 /CNW/ - Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel") today announced that the PCB materials previously stored onsite at
 the Welland, Ontario, facility of its wholly-owned subsidiary, Lakeside
 Steel Corporation ("Lakeside"), have been removed in accordance with the Company's previously
 announced environmental remediation plan.


The Company engaged Bennett Environmental in July 2010 to remove the
 approximately 10,500 tonnes of PCB impacted material that was securely
 stored in tanks on Lakeside's property in Welland. The project is
 funded through cash flow and the Company intends to remove the
 remaining portion of the $5.9 million environmental liability from its
 balance sheet.


Ron Bedard, President and CEO of Lakeside, commented that, "The
 completion of this remediation project marks another important step in
 our continuing efforts to both remain environmentally responsible in
 the operation of our business and to improve our balance sheet. We are
 very pleased to put this legacy issue from the former Stelpipe era
 behind us. Removing the environmental liability from our balance sheet
 provides a clearer picture of the current financial position of the
 Company, and eliminates what has long been an item of concern for
 investors."


About Lakeside Steel Inc.
Lakeside Steel is a 2010 TSX Venture Exchange 50 company and the parent
 company of Lakeside.  Lakeside, located in Welland, Ontario, is a
 diversified steel pipe and tubing manufacturer with a focus on
 manufacturing and upgrading Oil Country Tubular Goods. Lakeside's list
 of customers includes large oil and gas end users as well as
 distributors across North America.


Lakeside Steel also indirectly wholly-owns Lakeside Steel Alabama which
 will be a diversified steel pipe manufacturer strategically situated in
 the southern United States on successful completion of the construction
 of the new facility in Thomasville, Alabama. Construction of the
 Alabama facility is currently underway.


This press release may contain forward-looking statements with respect
 to the Company, its operations, strategy, financial performance and
 condition. These statements generally can be identified by use of
 forward looking words such as "may", "will", "expect", "estimate",
 "anticipate", intends", "believe" or "continue" or the negative thereof
 or similar variations. The actual results and performance of the
 Company discussed herein could differ materially from those expressed
 or implied by such statements. Such statements are qualified in their
 entirety by the inherent risks and uncertainties surrounding future
 expectations. Important factors that could cause actual results to
 differ materially from expectations include, among other things,
 general economic and market factors, competition, changes in government
 regulations and the factors described under "Risk Factors" in the
 Management's Discussion and Analysis and Filing Statement of the
 Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements
 attributable to the Company and persons acting on their behalf. Unless
 otherwise stated, all forward-looking statements speak only as of the
 date of this press release and the Company has no obligation to update
 such statements.


Neither TSX Venture Exchange nor its Regulation Services Provider (as
 that term is defined in the policies of the TSX Venture Exchange)
 accepts responsibility for the adequacy or accuracy of this release.
 Lakeside Steel was recognized as a TSX Venture 50® company in 2010. TSX
 Venture 50 is a trade-mark of TSX Inc. and is used under license.


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tabletr valign="top"td align="left"Ron Bedardbr/ President & Chief Operating Officerbr/ Lakeside Steel Inc.br/ [phone] ext. 7294br/ Fax: [phone]br/ e-mail: a href="mailto:[e-mail]"[e-mail]/a/td td align="right" /td td valign="top" align="left"Ken Hunterbr/ Chief Financial Officerbr/ Lakeside Steel Inc.br/ [phone] ext. 7218br/ Fax: [phone]br/ e-mail: a href="mailto:[e-mail]"[e-mail]/a/td/tr/table

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